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Will Rusal default on some liabilities due to new sanctions?

Russian stocks tumble as US imposes sanctions

Washington imposed sanctions on seven Russian oligarchs, including Rusal's former president Oleg Deripaska, 12 companies they own or control, as well as 17 senior Russian government officials.

The value of Deripaska's aluminium producer Rusal halved in Hong Kong and more than 40% was wiped off the value of his London-listed EN+ as investors took fright at the potential impact.

Russian cartoonist Sergei Elkin ridiculed the decline of the company's shares to Russian businessman Oleg Deripaska's "RUSAL".

Rusal produces nearly 6 per cent of the world's aluminium. "It's raising the supply risk premium".

"The company's initial assessment is that it is highly likely that the impact may be materially adverse to the business and prospects of the group", the company said in a filing to the Hong Kong bourse on Monday.

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It said: "The company's primary focus remains its business and, most importantly, all of its global customers, investors and partners". "The company will continue to ensure it abides by all applicable laws and regulations".

New US sanctions have already proved very costly for one Russian oligarch. Deripaska called the reasons "groundless, ridiculous and absurd".

The Foreign Ministry is working on a response, spokesman Maria Zakharova said on a state television channel, according to state news agency Tass. By making it virtually impossible for Deripaska's businesses to trade in United States dollars, the measures threaten the empire of one of Putin's closest allies.

The move also raises questions for Glencore Plc and its billionaire chief Ivan Glasenberg. As Bloomberg points out, the move also raises questions for Glencore and its billionaire chief Ivan Glasenberg, the commodity giant who is one of Rusal's top shareholders, owning an 8.75 percent stake and also the biggest buyer of its metal, having bought $2.4 billion of metal from it past year. The price of aluminium jumped as traders anxious Rusal would be excluded from supplying the market.

In Moscow the dollar-denominated RTS index ended 11.2% lower and the rouble-based MOEX Russian index shed 7.7%, while the rouble fell 3% against the United States dollar. "It could get very messy".

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